Defendant Name:
BankAtlantic Bancorp, Inc.
Defendant Type:
Public Company
Document Reference:
2012-13
Document Details
Legal Case Name
Name SEC v. BankAtlantic Bancorp, Inc. and Alan B. Levan
Document Name
SEC Charges Florida Bank Holding Company and CEO with Misleading Investors about Loan Risks During Financial Crisis
Document Date
18-Jan-2012
Document Format
Civil Proceeding
Case Number
12-cv-60082
Federal District Court
Florida, Southern District of Florida
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On January 18, 2012, the SEC announced that it charged BankAtlantic Bancorp ("BankAtlantic"), the holding company for one of Florida's largest banks, and its CEO and chairman Alan Levan ("Levan") with misleading investors about growing problems in one of its significant loan portfolios early in the financial crisis. According to the SEC's complaint filed in U.S. District Court for the Southern District of Florida, BankAtlantic and Levan made misleading statements in public filings and earnings calls in order to hide the deteriorating state of a large portion of the bank's commercial residential real estate land acquisition and development portfolio in 2007. BankAtlantic and Levan then committed accounting fraud when they schemed to minimize BankAtlantic's losses on their books by improperly recording loans they were trying to sell from this portfolio in late 2007. The SEC's complaint seeks financial penalties and permanent injunctive relief against BankAtlantic and Levan to enjoin them from future violations of the federal securities laws. The complaint also seeks an officer and director bar against Levan.
Other Defendants in Action: